The Middleby CorporationMIDD
NasdaqGS•Industrials•Specialty Industrial Machinery
The Middleby Corporation designs, manufactures, markets, distributes, and services of commercial restaurant and food processing equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers and refrigerators, stainless steel fabrication, custom millwork, blast chillers, coldrooms, ice machines, and frozen dessert equipment; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispenser, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing. The Food Processing Equipment Group segment provides batch, baking, proofing, conveyor belt, spiral, serpentine, and continuous processing ovens; frying and automated thermal processing systems; tumblers, massagers, grinders, slicers, reduction and emulsion systems, mixers, and blenders; battering, breading, and seeding equipment; water cutting systems, food presses, suspension, filling and depositing solution, and forming equipment; and automated loading and unloading and washing systems, auto guided vehicles, food safety, handling, cooling freezing, and defrosting and packaging equipment. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The Middleby Corporation was founded in 1888 and is based in Elgin, Illinois.
The Middleby Corporation (MIDD) reported trailing twelve months revenue of $3.13B as of April 2026, a 18.7% decline year-over-year. Quarterly revenue reached $839.91M, reflecting a contraction in sales.
The Middleby Corporation reported a TTM net loss of $420.16M, with quarterly EBITDA of $158.82M. The operating margin expanded from 15.5% to 15.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (15.9%) and net margin (-6.0%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 10.2% a year ago, reflecting increased costs or interest expense.
MIDD trades at a P/S of 2.4x. The price-to-book ratio of 3.2x reflects a moderate premium to book value.
The company generated $79.87M in free cash flow over the trailing twelve months, a 25.6% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $5.42B in total assets with $1.83B in long-term debt against $2.37B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 36.6%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 1.0x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 22.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 12.2% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation